Lupin Ltd reported its financial performance for the quarter ending December 31, 2025. These unaudited results were taken on record by the Board of Directors at a meeting in February 2026.

Income Statement Highlights – Q3 FY2026

• Gross Profit was INR 52,224 Mn compared to INR 38,970 Mn in Q3 FY2025, with a gross margin of 73.5%.
• Personnel cost was 16.1% of sales at INR 11,433 Mn compared to INR 9,844 Mn in Q3 FY2025.
• Manufacturing and other expenses were 27.3% of sales at INR 19,366 Mn compared to INR 16,959 Mn in Q3 FY2025.
• Adjusted PBT at INR 15,220 Mn at 21.4%, up 42.1% YoY from INR 10,713 Mn in Q3 FY2025.
• PBT (excluding exceptional items) is INR 19,486 Mn at 27.4%.
• We have provided net one-time exceptional items of INR 4,266 Mn.
• Investment in R&D for the quarter was INR 5,352 Mn (7.5% of sales).

Balance Sheet highlights

• Operating working capital was INR 79,481 Mn as on December 31, 2025.
• Capital Expenditure for the quarter was INR 2,007 Mn.
• Net Debt as on December 31, 2025, stands at INR -28,793 Mn.
• Net Debt Equity as on December 31, 2025, stands at -0.14.

Commenting on the Q3FY26 results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said “We are happy to deliver another quarter of strong growth led by our highest ever quarterly sales in the US and double-digit growth in India and all other regions. We are on track to deliver a strong close to FY26."

Financial Highlights